cyber risks

08 Sep: ESAs highlight risks in phasing out of crisis measures and call on financial institutions to adapt to increasing cyber risks

(Source: European Insurance and Occupational Pensions Authority (EIOPA))

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) issued today their second joint risk assessment report for 2021. The report highlights the increasing vulnerabilities across the financial sector, the rise seen in terms of cyber risk and the materialisation of event-driven risks.

As the recovery begins, the appropriate phasing out of exceptional crisis measures plays a key role. Despite the positive outlook, the expectations for economic recovery remain uncertain and uneven across member states. Vulnerabilities in the financial sector are increasing, not least because of side effects of the …